Banks need 'overhaul' not CEO pledges: finance expert

Australia's banks need more than pledges from CEOs to improve their culture following a series of scandals at their financial planning and insurance arms, a leading finance expert has warned.

Professor Paul Kofman, dean of business and economics at the University of Melbourne, said while promises to improve bank culture by CEOs were welcome, it was not enough to fix the erosion of trust that had opened up between the public and the industry.